RSP vs. BWX
RSP (Invesco S&P 500 Equal Weight ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, RSP returned 12.18%/yr vs -1.31%/yr for BWX. At a 0.15 correlation, their price movements are largely independent. RSP charges 0.20%/yr vs 0.35%/yr for BWX.
Performance
RSP vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, RSP achieves a 11.61% return, which is significantly higher than BWX's -1.42% return. Over the past 10 years, RSP has outperformed BWX with an annualized return of 12.18%, while BWX has yielded a comparatively lower -1.31% annualized return.
RSP
- 1D
- 0.58%
- 1M
- 5.62%
- YTD
- 11.61%
- 6M
- 10.84%
- 1Y
- 22.05%
- 3Y*
- 14.55%
- 5Y*
- 8.93%
- 10Y*
- 12.18%
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
RSP vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RSP Invesco S&P 500 Equal Weight ETF | 11.61% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between RSP and BWX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.15 |
Over the past year, RSP and BWX have become more correlated (0.43) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
RSP vs. BWX — Risk / Return Rank
RSP
BWX
RSP vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight ETF (RSP) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| RSP | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.25 | ||
| Sortino ratioReturn per unit of downside risk | +3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.95 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | -0.46 | +3.28 |
| Martin ratioReturn relative to average drawdown | 10.69 | -0.90 | +11.58 |
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Drawdowns
RSP vs. BWX - Drawdown Comparison
The maximum RSP drawdown since its inception was -59.92%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for RSP and BWX.
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Drawdown Indicators
| RSP | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.92% | -34.05% | -25.87% |
Max Drawdown (1Y)Largest decline over 1 year | -7.85% | -6.16% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -17.81% | -10.22% | -7.59% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -30.78% | +9.40% |
Max Drawdown (10Y)Largest decline over 10 years | -39.04% | -34.05% | -4.99% |
Current DrawdownCurrent decline from peak | 0.00% | -23.60% | +23.60% |
Average DrawdownAverage peak-to-trough decline | -6.64% | -10.07% | +3.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 3.13% | -1.06% |
Volatility
RSP vs. BWX - Volatility Comparison
Invesco S&P 500 Equal Weight ETF (RSP) has a higher volatility of 3.59% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.49%. This indicates that RSP's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RSP | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 2.49% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 8.58% | 5.92% | +2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.79% | 7.66% | +4.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.23% | 9.70% | +6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 8.67% | +9.70% |
RSP vs. BWX - Expense Ratio Comparison
RSP has a 0.20% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
RSP vs. BWX - Dividend Comparison
RSP's dividend yield for the trailing twelve months is around 1.46%, less than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
RSP Invesco S&P 500 Equal Weight ETF | 1.46% | 1.64% | 1.52% | 1.64% | 1.82% | 1.28% | 1.64% | 1.69% | 2.02% | 1.52% | 1.20% | 1.70% |
Frequently Asked Questions
RSP and BWX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RSP has higher volatility (3.59%) compared to BWX (2.49%). In terms of maximum drawdown, RSP dropped -59.92% vs BWX's -34.05%.
On 10-year performance, RSP leads with 12.18% vs -1.31% for BWX. On fees, RSP is cheaper at 0.20% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RSP has performed better with a 12.18% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSP is cheaper with a 0.20% expense ratio, compared with 0.35% for BWX.
BWX has the higher dividend yield at 2.36%, compared with 1.46% for RSP.
RSP is categorized as S&P 500, while BWX is International Government Bonds. RSP tracks S&P 500 Equal Weight Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.20% for RSP and 0.35% for BWX.
RSP currently has the higher Sharpe Ratio (1.88 vs -0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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